Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company began 2024 with inventory of 8,300 units of its only product. The beginning inventory balance of $134,200 consisted of the following layers: During the three years 20242026, the cost of inventory remained constant at $20 per unit. Unit purchases and sales during these years were as follows: Required: 1. Calculate cost of goods sold for 2024,2025 , and 2026 . 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2024, 2025, and 2026. Cansela's effective income tax rate is 25%. Calculate cost of goods sold for 2024, 2025, and 2026 . Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2024, 2025, and 2026. Cansela's effective income tax rate is 25%
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